First, is $1500 the right amount of money?
After The Loan
An emergency loan for 1500 dollars can help you get out of trouble in a hurry, but now you have to repay it. We can help you do just that with some surprisingly simple ways to make extra money. Have a look for yourself.
1) Donate plasma and get some big bucks.
Have you ever considered plasma donation? It is a great way to help people and you can actually earn a lot of money doing it. Unlike with blood donation, most plasma donation centers are for profit and they are willing to compensate you for your plasma and your time. (Just be sure to check, some are donation centers.)
Here is how it works. You visit the donation center and spend about 60 minutes donating. Your plasma is then sent to be processed and turned into a number of life saving treatments. And, since your red blood cells are returned to you during the process, you are allowed to donate up to twice a week, allowing you to earn big. But how much?
If you are a new donor, you can earn as much as 900 dollars in your first month with your new donor bonuses. Pretty good money for doing a good thing.
2) Skip some monthly payments.
Don’t just stop making them, but contact your creditors and ask if you can defer a payment or two.
These days creditors are more willing than ever to work with you on your financial obligations. Just call them up and ask, the worse they can say is no. If you have a car payment and are in good standing, you are almost assured a deferral and it is actually fairly common. Some lenders even have a form you can fill out on their website to request it.
With any luck, you can come up with enough money by deferring payments to pay off your entire 1500 dollar loan.
3) Pay back your $1500 with scrap.
You may not realize it, but scrap metal is worth some big money, as much as 3 dollars a pound. At that rate, you can imagine how easy it could be to pay back the 1500 dollars you borrowed. The only hard part about collecting is finding the scrap, but we have some tips.
It is amazing what people throw out on trash day and one thing they throw out is old metal. To cash in on this, drive around some neighborhoods on trash day. Pick up the scrap, being sure to be neat, and take it to a scrap yard to cash in.
Another source is Facebook. Search for free metal or “curb alerts” and be ready to run out and grab your precious scrap. It is as simple as that.
4) Take a family loan.
Got a generous family member? Take advantage of the situation by taking out an interest free loan to pay back the 1500 dollars you borrowed with interest.
The obvious advantage to handling your loan with this solution is that you move from an interest bearing loan to a free one. That can save you hundreds of dollars, but you do need to use some caution. Make sure that you get everything in writing (to protect both of you) and pay back the money just as soon as possible.
5) Sell your stuff American style.
Is there anything more American than the weekend garage sale? Use this method to make at least a portion of the 1500 dollars that you need. Here is what you need to do.
First, make sure that you do not need a permit from the city. It would be awful to make money only to be left with a big fine. Also, if you are in an HOA neighborhood, check with them as well.
Next, make some signs and lots of them. You need to make sure people can find you, so you should try to place a sign everywhere along the route to your home. Every turn should have a sign to make it as easy as possible.
Lastly, take a little time to clean up your items, get things organized and mark them with prices. The little bit of extra time spent before the sale will ensure that you make it a profitable morning.
6) Get some of the money you have already earned.
Most companies operate a few weeks behind. That means that you have probably already earned a good part if not all of your next paycheck. Some companies will let you take an advance on this money because it is no risk for them. All it represents is a little additional paperwork.
In any case, it never hurts to ask your employer for a payday advance, but remember, this may make you a bit short when you finally do get paid. Make sure that you have a plan on where to get the extra money you need or budget so that you can stretch out your reduced paycheck.
7) Get a second job.
It doesn’t take much extra work to make a real impact on your finances and give you the money you need to pay back your loan. If you simply pick up one part time shift a week, you could end up with over 400 dollars in your pocket. That could allow you to pay back your 1500 dollar loan with few issues.